$GLDD
Great Lakes Dredge & Dock CORP

2015 Q3 Form 10-Q Financial Statement

#000156459015009374 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q4 2014 Q3
Revenue $220.8M $245.5M $202.2M
YoY Change 9.2% 13.5% 7.61%
Cost Of Revenue $196.7M $224.6M $177.7M
YoY Change 10.69% 19.28% 11.06%
Gross Profit $24.10M $20.90M $24.50M
YoY Change -1.63% -25.36% -11.87%
Gross Profit Margin 10.91% 8.51% 12.12%
Selling, General & Admin $15.30M $18.10M $16.10M
YoY Change -4.97% -0.55% -5.85%
% of Gross Profit 63.49% 86.6% 65.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.70M $17.40M $10.80M
YoY Change 36.11% 35.94% 6.93%
% of Gross Profit 61.0% 83.25% 44.08%
Operating Expenses $15.30M $18.10M $16.10M
YoY Change -4.97% -6.22% -5.85%
Operating Profit $9.692M $2.800M $8.007M
YoY Change 21.04% -67.82% -25.17%
Interest Expense -$9.300M $6.700M -$10.50M
YoY Change -11.43% -245.65% 156.1%
% of Operating Profit -95.96% 239.29% -131.14%
Other Income/Expense, Net $700.0K -$200.0K $400.0K
YoY Change 75.0% -300.0%
Pretax Income $1.054M $9.200M -$2.096M
YoY Change -150.29% 33.33% -121.83%
Income Tax $742.0K -$11.10M -$1.069M
% Of Pretax Income 70.4% -120.65%
Net Earnings $300.0K $19.00M -$2.100M
YoY Change -114.29% -272.73% -250.0%
Net Earnings / Revenue 0.14% 7.74% -1.04%
Basic Earnings Per Share
Diluted Earnings Per Share $4.934K $304.0K -$0.03
COMMON SHARES
Basic Shares Outstanding 60.04M
Diluted Shares Outstanding 60.84M 60.04M

Balance Sheet

Concept 2015 Q3 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.400M $42.40M $21.10M
YoY Change -55.45% -43.69% -48.91%
Cash & Equivalents $9.421M $42.39M $21.09M
Short-Term Investments
Other Short-Term Assets $143.7M $151.9M $144.0M
YoY Change -0.21% -3.06% 2.35%
Inventory $37.30M $34.70M $33.20M
Prepaid Expenses
Receivables $143.9M $113.2M $98.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $334.2M $342.2M $296.5M
YoY Change 12.72% -5.23% -17.11%
LONG-TERM ASSETS
Property, Plant & Equipment $423.2M $399.4M $382.3M
YoY Change 10.7% 15.57% 6.67%
Goodwill $83.58M $86.33M
YoY Change 8.82%
Intangibles
YoY Change
Long-Term Investments $12.30M $7.900M $8.400M
YoY Change 46.43% -4.82% 12.0%
Other Assets $11.90M $12.11M $49.10M
YoY Change -75.76% -78.54% -4.1%
Total Long-Term Assets $571.8M $547.5M $520.7M
YoY Change 9.81% 11.39% 4.41%
TOTAL ASSETS
Total Short-Term Assets $334.2M $342.2M $296.5M
Total Long-Term Assets $571.8M $547.5M $520.7M
Total Assets $906.0M $889.7M $817.2M
YoY Change 10.86% 4.35% -4.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.0M $120.0M $139.3M
YoY Change -21.06% 3.33% 8.57%
Accrued Expenses $63.98M $70.04M $43.90M
YoY Change 45.74% 101.27% 4.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.369M $5.859M $400.0K
YoY Change 1992.25% -84.0%
Total Short-Term Liabilities $188.8M $200.5M $194.4M
YoY Change -2.9% 3.41% 8.42%
LONG-TERM LIABILITIES
Long-Term Debt $355.0M $324.4M $285.5M
YoY Change 24.34% 13.82% -3.22%
Other Long-Term Liabilities $20.86M $20.38M $11.70M
YoY Change 78.32% -11.79% -49.35%
Total Long-Term Liabilities $20.86M $20.38M $297.2M
YoY Change -92.98% -93.39% -6.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.8M $200.5M $194.4M
Total Long-Term Liabilities $20.86M $20.38M $297.2M
Total Liabilities $653.9M $637.3M $581.6M
YoY Change 12.43% 4.52% -3.63%
SHAREHOLDERS EQUITY
Retained Earnings -$26.83M -$21.48M
YoY Change
Common Stock $282.1M $278.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.107M
YoY Change
Treasury Stock Shares
Shareholders Equity $252.1M $256.0M $235.6M
YoY Change
Total Liabilities & Shareholders Equity $906.0M $893.2M $817.2M
YoY Change 10.86% 4.77% -4.58%

Cashflow Statement

Concept 2015 Q3 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $300.0K $19.00M -$2.100M
YoY Change -114.29% -272.73% -250.0%
Depreciation, Depletion And Amortization $14.70M $17.40M $10.80M
YoY Change 36.11% 35.94% 6.93%
Cash From Operating Activities $3.000M $38.50M -$700.0K
YoY Change -528.57% -46.6% -103.24%
INVESTING ACTIVITIES
Capital Expenditures -$16.60M -$25.50M -$17.90M
YoY Change -7.26% -11.15% 79.0%
Acquisitions
YoY Change
Other Investing Activities $1.100M -$26.50M $1.200M
YoY Change -8.33% -1046.43% -68.42%
Cash From Investing Activities -$15.50M -$52.00M -$16.60M
YoY Change -6.63% 100.0% 167.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.400M 35.20M -100.0K
YoY Change -7500.0% -386.18% -102.17%
NET CHANGE
Cash From Operating Activities 3.000M 38.50M -700.0K
Cash From Investing Activities -15.50M -52.00M -16.60M
Cash From Financing Activities 7.400M 35.20M -100.0K
Net Change In Cash -5.100M 21.70M -17.40M
YoY Change -70.69% -35.8% -187.0%
FREE CASH FLOW
Cash From Operating Activities $3.000M $38.50M -$700.0K
Capital Expenditures -$16.60M -$25.50M -$17.90M
Free Cash Flow $19.60M $64.00M $17.20M
YoY Change 13.95% -36.51% -45.57%

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IncreaseDecreaseInCostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear
18292000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3761000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-504000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
6727000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
2743000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-9896000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
10927000
gldd Increase Decrease In Billings In Excess Of Cost
IncreaseDecreaseInBillingsInExcessOfCost
1657000
gldd Increase Decrease In Billings In Excess Of Cost
IncreaseDecreaseInBillingsInExcessOfCost
-1776000
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
2039000
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
2369000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3897000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
15291000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-5024000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3897000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10267000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
53394000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
66433000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1167000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1614000
gldd Payments On Vendor Performance Obligations
PaymentsOnVendorPerformanceObligations
3100000
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
2048000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-52227000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-69967000
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
5275000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
29000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
845000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
488000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
265000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
501000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
3750000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
853000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
121000
gldd Proceeds From Equipment Debt
ProceedsFromEquipmentDebt
410000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
205000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1356000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1542000
gldd Excess Tax Benefit Expense From Share Based Compensation Financing Activities
ExcessTaxBenefitExpenseFromShareBasedCompensationFinancingActivities
-13000
gldd Excess Tax Benefit Expense From Share Based Compensation Financing Activities
ExcessTaxBenefitExpenseFromShareBasedCompensationFinancingActivities
45000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1107000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-54250000
CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21088000
us-gaap Interest Paid Net
InterestPaidNet
18936000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-9364000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
18401000
gldd Property And Equipment Purchased On Capital Leases And Equipment Notes
PropertyAndEquipmentPurchasedOnCapitalLeasesAndEquipmentNotes
2190000
gldd Property And Equipment Purchased On Capital Leases And Equipment Notes
PropertyAndEquipmentPurchasedOnCapitalLeasesAndEquipmentNotes
1616000
gldd Non Cash Investing And Financing Activities Purchase Of Noncontrolling Interest
NonCashInvestingAndFinancingActivitiesPurchaseOfNoncontrollingInterest
988000
gldd Non Cash Investing And Financing Activities Property And Equipment Purchased On Notes Payable
NonCashInvestingAndFinancingActivitiesPropertyAndEquipmentPurchasedOnNotesPayable
15569000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2014Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
10500000
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-18393000
CY2014Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
6000
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-9275000
CY2015Q3 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
27445000
CY2014Q4 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
27371000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
462000
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
521000
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1170000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2014Q1 gldd Funds Remitted
FundsRemitted
3100000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
14439000
CY2014Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1053000
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
306000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
332000
CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
136000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
132000
CY2015Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
146415000
CY2014Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
115172000
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
578000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
698000
CY2015Q3 gldd Outstanding Performance Bonds
OutstandingPerformanceBonds
1066169000
CY2015Q3 gldd Revenue Value Remaining From Outstanding Performance Bonds
RevenueValueRemainingFromOutstandingPerformanceBonds
455712000
CY2015Q1 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
5309000
CY2013Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
13600000
CY2014Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
114594000
CY2015Q3 gldd Accounts Receivable Noncurrent And Contract Receivable Retainage
AccountsReceivableNoncurrentAndContractReceivableRetainage
1853000
CY2014Q4 gldd Accounts Receivable Noncurrent And Contract Receivable Retainage
AccountsReceivableNoncurrentAndContractReceivableRetainage
1406000
CY2015Q3 gldd Costs And Earnings In Excess Of Billings For Contracts In Progress
CostsAndEarningsInExcessOfBillingsForContractsInProgress
53631000
CY2015Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
17408000
CY2014Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
16778000
CY2015Q3 gldd Retained Earnings Accumulated Deficit In Joint Ventures
RetainedEarningsAccumulatedDeficitInJointVentures
13919000
CY2014Q4 gldd Retained Earnings Accumulated Deficit In Joint Ventures
RetainedEarningsAccumulatedDeficitInJointVentures
10383000
CY2015Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10246000
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8808000
CY2015Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
4252000
CY2015Q3 us-gaap Interest Payable Current
InterestPayableCurrent
3984000
CY2014Q4 us-gaap Interest Payable Current
InterestPayableCurrent
8270000
CY2015Q3 gldd Accrued Liabilities Adjustments Under Percentage Of Completion Method
AccruedLiabilitiesAdjustmentsUnderPercentageOfCompletionMethod
2829000
CY2014Q4 gldd Accrued Liabilities Adjustments Under Percentage Of Completion Method
AccruedLiabilitiesAdjustmentsUnderPercentageOfCompletionMethod
1870000
CY2015Q3 gldd Fuel Hedge Contracts
FuelHedgeContracts
1550000
CY2014Q4 gldd Fuel Hedge Contracts
FuelHedgeContracts
3029000
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9790000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
15046000
CY2015Q3 gldd Net Book Value Of Related Assets
NetBookValueOfRelatedAssets
151593000
gldd Net Leverage Ratio
NetLeverageRatio
0.0450
gldd Fixed Charge Coverage Ratio
FixedChargeCoverageRatio
0.0125
CY2015Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
81323000
CY2015Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
100677000
CY2014Q4 gldd Borrowed Aggregate Principal Amount
BorrowedAggregatePrincipalAmount
47360000
CY2014Q4 us-gaap Goodwill
Goodwill
86326000
CY2015Q3 us-gaap Goodwill
Goodwill
83576000
gldd Derivative Underlying Hedge Percent
DerivativeUnderlyingHedgePercent
0.80
us-gaap Derivative Nonmonetary Notional Amount Volume
DerivativeNonmonetaryNotionalAmountVolume
8000000
CY2015Q3 us-gaap Fair Value Hedge Liabilities At Fair Value
FairValueHedgeLiabilitiesAtFairValue
1550000
CY2014Q4 us-gaap Fair Value Hedge Liabilities At Fair Value
FairValueHedgeLiabilitiesAtFairValue
3029000
CY2014Q2 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
5309000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-327000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2671000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6748000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-9306000

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